Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>The worlds #1 producer of automotive MCUs has already launched a series of RISC-V solutions which replace Arm as the core ISA </li>
<li>A leading US semiconductor manufacturer has designed an FPGA based on RISC-V which has been chosen by NASA for use in the International Space Station</li>
<li>RISC-V has the potential to be seriously disruptive in the Automotive &amp; FPGA segments, and that's just for starters.</li>
</ul>


The worlds #1 producer of automotive MCUs has already launched a series of RISC-V solutions which replace Arm as the core ISA 
A leading US semiconductor manufacturer has designed an FPGA based on RISC-V which has been chosen by NASA for use in the International Space Station
RISC-V has the potential to be seriously disruptive in the Automotive &amp; FPGA segments, and that's just for starters.


RISC-V. Two Blue-Chip Names Betting Big On A Bright Future For The Upstart ISA

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a> was trading at an unjustifiable premium to NAV at the time of my last report back in August. Now it's even more unjustifiable. </li>
<li>Preceding my comments on PCCW/<a href="https://www.smartkarma.com/entities/hkt-ltd" target="_blank" data-smartkarma-citation="entities:874:1" rel="noopener">HKT Ltd (6823 HK)</a>, and <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a>/<a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a>, are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



PCCW Ltd (8 HK) was trading at an unjustifiable premium to NAV at the time of my last report back in August. Now it's even more unjustifiable. 
Preceding my comments on PCCW/HKT Ltd (6823 HK), and Softbank Group (9984 JP)/ARM Holdings (ARM US), are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: PCCW's Questionable NAV Premium. Plus Softbank Vs. Arm

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations</li>
<li>MediaTek Poised to Benefit from the ARM and Qualcomm Dispute</li>
<li>Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece</li>
</ul>


TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations
MediaTek Poised to Benefit from the ARM and Qualcomm Dispute
Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece


Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>The SoftBank NAV discount is historically high, which makes it appear optically attractive; despite this, we turn neutral on SoftBank group from our previous positive recommendation, due to its headwinds</li>
<li>JPY strength is a key challenge, especially since the new Japanese prime minister supports the BoJ normalising monetary policy; this means BoJ tightening whilst many other central banks are easing</li>
<li>Arm Holdings’ super premium valuation versus its peers is another potential headwind for SoftBank group shares and NAV, combined with the high correlation between Arm Holdings and SoftBank group shares</li>
</ul>


The SoftBank NAV discount is historically high, which makes it appear optically attractive; despite this, we turn neutral on SoftBank group from our previous positive recommendation, due to its headwinds
JPY strength is a key challenge, especially since the new Japanese prime minister supports the BoJ normalising monetary policy; this means BoJ tightening whilst many other central banks are easing
Arm Holdings’ super premium valuation versus its peers is another potential headwind for SoftBank group shares and NAV, combined with the high correlation between Arm Holdings and SoftBank group shares


Softbank (9984 JP) - Despite the High NAV Discount, We See Greater Headwinds; Downgrading to Neutral

US-EU Index Rebalances / Quantitative Researcher, Ortex

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

Ortex

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Monolithic Power Systems, Inc / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/monolithic-power-systems-inc" target="_blank" data-smartkarma-citation="entities:2088:1" rel="noopener">Monolithic Power Systems (MPWR US)</a> is a direct addition followed by <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> which is a conditional addition but close to be direct. Demand is ~$1.8bn and ~3.5 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/dollar-tree-inc" target="_blank" data-smartkarma-citation="entities:10913:1" rel="noopener">Dollar Tree Inc (DLTR US)</a> is a direct deletion with the highest exclusion probability as it is  ranked above the exit rank of 125. </li>
<li>
<a href="https://www.smartkarma.com/entities/super-micro-computer-inc" target="_blank" data-smartkarma-citation="entities:7921:1" rel="noopener">Super Micro Computer (SMCI US)</a> , <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> and <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna (MRNA US)</a> are amongst the prioritized constituents preventing eligible candidates from entering the index. </li>
</ul>



Monolithic Power Systems (MPWR US) is a direct addition followed by AppLovin (APP US) which is a conditional addition but close to be direct. Demand is ~$1.8bn and ~3.5 ADV.

Dollar Tree Inc (DLTR US) is a direct deletion with the highest exclusion probability as it is  ranked above the exit rank of 125. 

Super Micro Computer (SMCI US) , ARM Holdings (ARM US) and Moderna (MRNA US) are amongst the prioritized constituents preventing eligible candidates from entering the index. 


Nasdaq-100 December 2024 Forecasts: Monolithic Power & AppLovin It; Dollar Tree Needs Watering

United Kingdom

Arm Holdings US, Inc. operates as a holding company. The Company, through its subsidiaries, designs chips used in a range of electronic products. Arm Holdings serves customers worldwide.

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ARM Holdings (ARM US)

RISC-V. Two Blue-Chip Names Betting Big On A Bright Future For The Upstart ISA

RISC-V has the potential to be seriously disruptive in the Automotive & FPGA segments, and that's just for starters. The floodgates are beginning...

William Keating

StubWorld: PCCW's Questionable NAV Premium. Plus Softbank Vs. Arm

Valuation-wise, PCCW is trading full. I'd reverse the stub here, however this unjustifiable NAV premium has become even more unjustiifiable. Avoid....

David Blennerhassett

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

Softbank (9984 JP) - Despite the High NAV Discount, We See Greater Headwinds; Downgrading to Neutral

SoftBank's high NAV discount may seem optically attractive, but headwinds have increased; JPY strength is on the rise and Arm Holdings' premium...

Victor Galliano

Nasdaq-100 December 2024 Forecasts: Monolithic Power & AppLovin It; Dollar Tree Needs Watering

MPWR and APP are the top candidates for inclusion with an average forecasted demand at nearly $2bn and 3.5 ADV, while DLTR and ILMN face a high...

Dimitris Ioannidis

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RISC-V. Two Blue-Chip Names Betting Big On A Bright Future For The Upstart ISA

RISC-V has the potential to be seriously disruptive in the Automotive & FPGA segments, and that's just for starters. The floodgates are beginning...

William Keating

StubWorld: PCCW's Questionable NAV Premium. Plus Softbank Vs. Arm

Valuation-wise, PCCW is trading full. I'd reverse the stub here, however this unjustifiable NAV premium has become even more unjustiifiable. Avoid....

David Blennerhassett

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

​TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

Softbank (9984 JP) - Despite the High NAV Discount, We See Greater Headwinds; Downgrading to Neutral

​SoftBank's high NAV discount may seem optically attractive, but headwinds have increased; JPY strength is on the rise and Arm Holdings' premium...

Victor Galliano

Nasdaq-100 December 2024 Forecasts: Monolithic Power & AppLovin It; Dollar Tree Needs Watering

​MPWR and APP are the top candidates for inclusion with an average forecasted demand at nearly $2bn and 3.5 ADV, while DLTR and ILMN face a high...

Dimitris Ioannidis

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

SoftBank's high NAV discount may seem optically attractive, but headwinds have increased; JPY strength is on the rise and Arm Holdings' premium...

MPWR and APP are the top candidates for inclusion with an average forecasted demand at nearly $2bn and 3.5 ADV, while DLTR and ILMN face a high...